Advit Jewels's ₹165.16cr IPO oversubscribed 11x retail portion nearly 27x
Business
Advit Jewels just launched its ₹165.16 crore IPO on June 23, and investors jumped in fast. By the end of day one, it was oversubscribed by over 11 times.
Retail buyers were especially excited, with their portion subscribed nearly 27 times. Noninstitutional investors also showed strong interest.
Shares ₹130-138 gray market premium ₹64
The IPO offers shares at ₹130-138 each and is open for bids until June 25.
In the gray market, there is a premium of ₹64 per share, so it might list around ₹202.
Funds raised will help pay off debt and boost working capital.